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Darknet Diaries · April 8, 2025 · 62m
The $100 Million Crypto Heist
The story of a cryptocurrency exchange hack that resulted in $100 million in losses, traced through blockchain forensics to a state-sponsored hacking group.
Canon
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The same environmental features that make cryptocurrency innovative (permissionless, irreversible, pseudonymous) also make it a perfect vehicle for theft. The environment cannot select for only positive uses.
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Every major crypto heist follows similar patterns: hot wallet compromise, insider access, or smart contract exploitation. Studying the biographies of past heists should prevent future ones but rarely does.